Tax help : from the share trading in short trem gain,how can i add my short trem loss in my total income.?

Question

I m goverment sarvant. My income sources are sahre trading, salary, and mutual fund divident. in finacial year, my short term gain is negative in share trading

if my total income

(1).from salary:160000

(2).from share:-5000

(3).divident:1000.

(4).Interast:300.

(5). my saving is 18000 under 80c.

than what is my total taxable income?

what ITR from i should fill for tax return.

thanks

Answer 1

You will file ITR-2. You can not deduct short term loss. You will show it on the tax return, and carry it to next years return. You can adjust it only against capital profit.

Also Rs. 18,000 is deductible under section 80C. Dividend from shares is not taxable.

For information on your Income Tax return and to download the forms, go to http://mytaxes.in/index.php?topic=32.0.

If you want to file online, read http://mytaxes.in/index.php?topic=94.0

Answer 2

Since you have income other than salary you need to fill ITR-2.

your taxable income is 160000-18000.

Short term gains and gains from mutual fund are taxed under capital gain tax and does not come under the income tax slabs. You need to compute both separately. Since, you have income from dividends, interest and share trading it is better to contact a tax preparatory before filing your returns. Understanding the requirements and filling of return will not happen in a day or two in this case and need to file it before 31st of July.